Okay. And then I know manufacturers are working right now to raise prices. So what are you seeing in terms of

okay and then i know manufacturers are working right now to raise prices so just what are you seeing in terms of


throughout the workers' compensation insurance experience from quoting through claim sampling.

throughout the workers' compensation insurance experience from quoting through claims handling


However, as we signaled last quarter, Q1 performance was broadly in line with our strategy

however as we signaled last quarter q1 performance was broadly in line with our strategy


I think what we're seeing in other regions was, however, it wasn't

i think what we're seeing in other regions was however it wasn't


The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

the conference has now concluded thank you for attending today's presentation you may now disconnect


Our Corporate Trust team had a strong quarter, enjoying its best new business month ever in December.

our corporate trust team had a strong quarter enjoying its best new business month ever in december


And with that, let me turn the call over to Jack. Thank you, Doug.

and with that let me turn the call over to jack thank you doug


So we are marketing, we want to sell that as one piece as well as we want to sell the forward flow.

so we're marketing we want to sell that as one piece as well as we want to sell the forward flow


Revenue with our largest customer was down versus prior year but met our expectation for the quarter.

revenue with our largest customer was down versus prior year but met our expectation for the quarter


results benefited from an increase in property management fees and higher consumer finance revenues.


and the continued reduction in churn. We estimate that in 2018, the number of gross additions to the market

and the continued reduction in churn we estimate that in 2018 the number of gross additions to the market


and local manufacturing capabilities to support deposition and planarization products.


as we continue to adjust our spending levels to match the market dynamics in countries like Brazil and Argentina.

as we continue to adjust our spending levels to match the market dynamics in countries like brazil and argentina


Excluding the impact of the malware incident and the India goods and services tax,

excluding the impact of the malware incident and the india goods and services tax


We put a great deal of thought and realistic analysis into developing guidance that we feel is achievable

we put a great deal of thought and realistic analysis into developing guidance that we feel is achievable


Every time we execute a project, when we finish it, we have to replace it with something else somewhere.

every time we execute a project when we finish it we have to replace it with something else somewhere


which Stands for Something Good and proves its strength with every new market and every new country in which we open.

which stands for something good and proves its strength with every new market and every new country in which we go


Consequently, we feel we're in a good position to meaningfully ramp up our commercial efforts.

consequently we feel we're in a good position to meaningfully ramp up our commercial efforts


In terms of total new business volume for 2015, we realized strong performance across most of our products and lines of business.

in terms of total new business volume for 2015 we realized strong performance across most of our products and lines of business


but we are evaluating other growth initiatives particularly the automotive sector. So this could come up if the

but we are evaluating other growth initiatives particularly in the automotive sector so this could come up if the


This is where the true advantage of allogeneic CAR-T cell manufacturing process kicks in

this is where the true advantage of allogeneic car t-cell manufacturing process kicks in


And so that business is not a meaningful percentage of our harvest in the South right now,

and so that business is not a meaningful percentage of our harvest in the south right now


for anomalies, positive and negative. In this case, it was a positive event. So we adjusted out the tax recovery

for anomalies positive and negative in this case it was a positive event so we adjusted out the tax recovery


unless there is much, much stronger political policy certainty, which will create

unless there is much much stronger political policy certainty which will create


We're expanding our merchant and financial institution partnerships throughout the country's ecosystem,

we are expanding our merchant and financial institution partnerships throughout the country's ecosystem


probably in Asia that will make the cells that we require to the EnerSys specifications.

probably in asia that will make the cells that we require to the enersys specifications


and a still highly competitive environment. Let's look at the details of these results.

in a still highly competitive environment let's look at the details of these results


from the way that distributors now describe the business opportunity to prospective participants.


Our business partners indicate that in general the Southeast was softer than the rest of the country during the third quarter.

our business partners indicate that in general the southeast was softer than the rest of the country during the third quarter


So the interest in Jack Henry solutions, the spending environment today is definitely very strong.

so the interest in jack henry solutions the spending environment today is definitely very strong


at our office. The recent meeting, the last one was at the headquarters of one of the utilities.

at our office the recent meeting the last one was at the headquarters of one of the utilities


that is an area that we're going to be expanding into one way or the other


Please turn to Page 5 of the materials. As I mentioned in the beginning,

please turn to page 5 of the materials as i mentioned in the beginning


driving growth as well as driving productivity to be able to hit our margin target that we've laid out.


I think, as Bryan talked about at the beginning, we don't have high hopes for a lot of rate increases, though we do expect

i think as bryan talked about at the beginning we don't have high hopes for a lot of rate increases though we do expect


We have sent our teams to different markets

we have sent our teams to different markets


Please turn to Slide 7 for details on the attribution of earnings between our Credit and Agency strategies.

please turn to slide 7 for details on the attribution of earnings between our credit and agency strategies


Part of it is how do you explore new indications. We talked about 3 new indications we're exploring

part of it is how do you explore new indications we talked about 3 new indications we're exploring


And we expect the growth of these markets will continue to drive the outsourcing trend we've seen over the last 10 years.

and we expect the growth of these markets will continue to drive the outsourcing trend we've seen over the last 10 years


So we terminated that buying activity. The other thing that occurred is

so we terminated that buying activity the other thing that occurred is


do hesitate to make too much of a call. All the other ones that we've made the call on are well above that collar,

we do hesitate to make too much of a call all the other ones that we've made the call on are well above that collar


This decrease is primarily related to a decrease in debt outstanding under our revolving credit facility,

this decrease is primarily related to a decrease in debt outstanding under our revolving credit facility


Additionally, we are seeing improvement in the business jet and rotorcraft markets while global uncertainty

additionally we are seeing improvement in the business jet and rotorcraft markets while global uncertainty


I will continue to emphasize that the organization has done a remarkable job

i will continue to emphasize that the organization has done a remarkable job


Unlike newer vintage mortgage servicing rights, where returns are more dependent upon voluntary prepayment speeds,

unlike newer vintage mortgage servicing rights where returns are more dependent upon voluntary prepayment speeds


That's helpful. And then when you look at the ethanol market in your release, you highlighted that

that's helpful and then when you look at the ethanol market in your release you highlighted that


If you have additional questions after today's call, please contact me. I will now turn the call over

if you have additional questions after today's call please contact me i will now turn the call over


and these areas has hypergrowth in them,

and these areas has hyper growth in them


but also updating you various ongoing initiatives and addressing some key questions we have been receiving lately.

but also updating you on various ongoing initiatives and addressing some key questions we have been receiving lately


We think that is a start of an improvement, and we think that positions us well as a good sign for the period ahead.

we think that is the start of an improvement and we think that positions us well as a good sign for the period ahead


fees can still increase. I'm just wondering from which angle you will

these can still increase i'm just wondering from which angle you will


That piece is related to -- because with the purchase of Omni,

that piece is related to -- because with the purchase of omni


We expect the court to rule on the motions before the end of the year but cannot predict the timing of the rulings.

we expect the court to rule on the motions before the end of the year but cannot predict the timing of the rulings


The investment in this research today will likely add to growth in future years.

the investment in these -- this research today will likely add to growth in future years


our hybrid model, which again incorporates both enclosed and open air provides us with a distinct advantage.

our hybrid model which again incorporates both enclosed and open air provides us with a distinct advantage


business, but the 7, which also included Swisher, I would say is artificially low

business but the 7 which also included swisher i would say is artificially low


The first is that our customers absolutely love our products and they love our platform

the first is that our customers absolutely love our products and they love our platform


or 67% improvement in adjusted pretax results on a consolidated basis

or a 67% improvement in adjusted pretax results on a consolidated basis


and the supplemental information that I just referred to. Both can be found in the Investors section of the Sutherland website.

and the supplemental information that i just referred to both can be found in the investors section of the seattle-based website


Since the plants were down, we decided to take the opportunity to accelerate the timing to carry out

since the plants were down we decided to take the opportunity to accelerate the timing to carry out


This change should make it easier for readers of our financial statements to understand the cost of running our organization.

this change should make it easier for readers of our financial statements to understand the cost of running our organization


proven by the strong throughput volumes we handle and the amount of pipeline and storage we own and operate.


and hotel projects for which we have an executed letter of intent but are awaiting final business and development permits.


When you look at the DUC count and you looked at the rig count and you look at what's going on in the macro,

when you look at the duc count and you looked at the rig count and you look at what's going on in the macro


Internationally, we are not anticipating growth, and we are taking what we believe is a conservative approach in our outlook.

internationally we are not anticipating growth and we are taking what we believe is a conservative approach in our outlook


including statements relating to projections of earnings and revenue, business drivers, the timing and capabilities of new products,

including statements relating to projections of earnings and revenue business drivers the timing and capabilities of new products


their cost of the people in transition is not

the cost of the people in transition is not


We anticipate a strong fourth quarter based on a number of significant prospects, either under contract or in active negotiation.

we anticipate a strong fourth quarter based on a number of significant prospects either under contract or in active negotiation


And interestingly, we put one of our best people in the company to run our Fluid Management specialty organization.

and interestingly we put one of our best people in the company to run our fluid management specialty organization


to ramp through the first half of the year? Is it pretty steady through the first half of the year? More

ramp through the first half of the year is it pretty steady through the first half of the year more


one step in part of a broader effort by OptumRx and UnitedHealthcare to continue to

one step in part of a broader effort by optumrx and unitedhealthcare to continue to


Kevin will address this accomplishment in his remarks later this afternoon. Fourth,

kevin will address this accomplishment in his remarks later this afternoon fourth


Some of these products have already hit the shelves and others will take several years to make the conversion to natural colors.

some of these products have already hit the shelves and others will take several years to make the conversion to natural colors


our engagement with our vendor partners, and then the expense management piece. If we do a good job,

our engagement with our vendor partners and then the expense management piece if we do a good job


We have all the pieces in place to really appreciate -- to really accelerate

we have all the pieces in place to really appreciate -- to really accelerate


what are -- what's the platform that they have available. They start opening accounts. They get the documentation,

what are all -- what's the platform that they have available they start opening accounts they get the documentation


we were putting new systems into the Corporation, which went all the way into the businesses but

we were putting new systems into the corporation which went all the way into the businesses but


Why pursue those rather than just continue to build out that DuraFit product line?

why pursue those rather than just continue to build out that durafit product line


we really view the capital structures independently and think the consolidated metrics become less useful. But that becomes very important

we really view the capital structures independently and think the consolidated metrics become less useful but that becomes very important


We expect to continue to realize the benefit of these capital investments as we progress through the remainder of the year.

we expect to continue to realize the benefit of these capital investments as we progress through the remainder of the year


From a capital structure and allocation perspective, we recently completed a public offering of our common stock,

from a capital structure and allocation perspective we recently completed a public offering of our common stock


The market has backed up as yields across all asset sectors

the market has backed up as yields across all asset sectors


The higher average selling prices resulted from modest chemical price inflation for certain of our products

the higher average selling prices resulted from modest chemical price inflation for certain of our products


clearly, it has to do with the skill set, the new people that we're hiring. I mean, we still have a lot of

clearly it has to do with the skill set the new people that we're hiring i mean we still have a lot of


when there's been consolidation in the industry. And I think there's a couple factors.

when there's been consolidation in the industry and i think there's a couple of factors


Looking at the full year expectations this year, we continue to project total revenue growth

looking at the full year expectations this year we continue to project total revenue growth


I would like to add to the Greg's comments about how proud we are of our operational execution during the quarter.

i would like to echo greg's comments about how proud we are of our operational execution during the quarter


at week 12 with respect to the weekly mean of the daily worst itching intensity score


The primary variables affecting our NAV this quarter were the positive effects of our March equity offering

the primary variables affecting our nav this quarter were the positive effects of our march equity offering


investors in our platform and the ones we've had dialogue with are primarily concerned with dividend safety


or may not be successful or sufficient to meet regulatory standards or receive the regulatory clearance or approvals,


Bob has really cleaned up our balance sheet with this infusion of cash and we have

bob has really cleaned up our balance sheet with this infusion of cash and we have


where patients experienced robust mean increases in total and contractile muscle volume

where patients experienced robust mean increases in total and contractual muscle volume


as people are looking to capitalize on something that could be nicely profitable over the next couple of years?


So we will now turn it over to you to take questions. If I could ask you to ask for the mike,

so we will now turn it over to you to take questions if i could ask you to ask for the mic


as well as the impact of curtailing certain businesses that weren't generating required minimum returns.


to begin contributing to revenue growth in calendar 2018 and for many years to come.


The change in methodology mostly affected how we recognize revenue associated with upticks for Executive Search contracts

the change in methodology mostly affected how we recognize revenue associated with upticks for executive search contracts


to kind of keep the beast moving every day. But on the same token,

to kind of keep the beast moving every day but on the same token


people who want to use integrated circuit technology -- complex integrated circuit technology going forward.

people who want to use integrated circuit technology complex integrated circuit technology going forward


Yes, I think we've actually processed the last bit of ore that was scheduled to go through the mill this week.

yes i think we've actually processed the last bit of ore was scheduled to go through the mill this week


will be updated on a semiannual basis, starting in June of this year.

will be updated on a semi-annual basis starting in june of this year


be much more conservative on the projections and as we do quarter-to-quarter. But the

be much more conservative on the projections and as we do quarter-to-quarter but


I can still remember in late 1998, asking Johnny what his real expectations were for the new bank.

i can still remember in late 1998 asking johnny what his real expectations were for the new bank


through the second half of last year than we would have ideally liked by virtue of the fact that the market slowed.


And the other thing I would point out is, this process is an ongoing and fluid process. And so the screening would be

and the other thing i would point out is that this process is an ongoing and fluid process and so the screening would be


and increasing engagement with tools like Connect, our social media platform embedded in our app.

and increasing engagement with tools like connect our social media platform embedded in our app


is look at our underlying costs of that and look at the pieces that actually


The increased usage of aluminum in automotive has been the primary driver behind our growth activities.

the increased usage of aluminum in automotive has been the primary driver behind our growth activities


because when we add up the credit card, the FX, the RevPAR and the units, it almost seems to point to something in the teens.

because when you add up the credit card the fx the revpar and the units it almost seems to point to something in the teens


but as this evolves, as I mentioned and you picked up and remembered well from the January 6 call, is

but as this evolves as i mentioned and you picked up and remembered well from the january 6 call is


in the commercial space to be able to move into the professional high-production digital label printing market.

in the commercial space to be able to move into the professional high production digital label printing market


what we saw in the -- what we reported in the quarter isn't terribly different from previous third quarters.


and so more of the viewing that we're already measuring can be included in the so-called currency ratings.


almost always take steps, especially with the digital parts of our portfolio, and Digital Content Ratings is no exception

almost always take steps especially with the digital parts of our portfolio and digital content ratings there's no exception


Our pipeline is already improving and we anticipate improving revenue as the year progresses.

our pipeline is already improving and we anticipate improving revenue as the year progresses


and 5, the amortization of the beneficial conversion feature related to the preferred stock that is required by GAAP accounting.

and five the amortization of the beneficial conversion feature related to the preferred stock that is required by gaap accounting


planned functionality in a single platform. That platform is now starting to get adoption in some of our largest customers,

plan functionality on a single platform that platform is now starting to get adoption in some of our largest customers


Please let us know if you'd like to catch up when we're in your city. With that, thank you all for joining us today. I will now open it up

please let us know if you'd like to catch up on winnebago city with that thank you all for joining us today i will now open it up


So that's part of the reason. But we still feel very good about the growth and momentum in those businesses.

so that's part of the reason but we still feel very good about the growth and momentum in those businesses


as internal and external sales were delayed due to ongoing wet weather in the West.

as internal and external sales were delayed due to ongoing wet weather in the west


And so as you know, regulators are conservative people, they like to stick to the guidance.

and so as you know regulators are conservative people they like to stick to the guidance


based on our history, we cannot rely only on indirect business.

based on our history we cannot rely only on indirect business


of products that are innovative and demonstrate value to the health care system.

of products that are innovative and demonstrate value to the healthcare system


Some of that was spillover from items that we did not take delivery of from the fourth quarter. So

some of that was spillover from items that we did not take delivery of from fourth quarter so


And as you've just heard, this is Claudia's last quarterly call, and I'd like to add my acknowledgment and thanks

and as you've just heard this is claudia's last quarterly call and i'd like to add my acknowledgement and thanks


We are excited about the strong earnings outlook for the second half of the year and look forward to providing additional updates in the next quarter.

we are excited about the strong earnings outlook for the second half of the year and look forward to providing additional updates in the next quarter


and we'll offer Sandd postal deliverers a job against PostNL terms

and will offer cent postal deliverers a job against postnord terms


Given we are years away from settling our tariffs or setting them for the electric distribution sector

given we are years away from settling our tariffs or setting them for the electric distribution sector


In addition and for the second straight year, PPL Electric posted its best year ever for safety.

in addition and for the second straight year tpl electric posted its best year ever for safety


Can you just sort of like give us a little bit more color on what's driving that? Was it all sort of the incremental growth from the online booking tool?

can you just sort of like give us a little bit more color on what's driving that was it all sort of the incremental growth from the online booking tool


And we don't know at this point how many stores are actually capable of achieving that kind of incremental performance.

and we don't know at this point how many stores are actually capable of achieving that kind of incremental performance


significantly extend the maturity profile, achieve more favorable terms and increase the revolver commitments.

significantly extend the maturity profile achieve more favorable terms and increase the revolver commitments


The industry there is experiencing a shortage of qualified staff, of construction material

the industry there is experiencing a shortage of qualified staff of construction material


as I said on the call, we do believe that we can hold our NIM going forward for a couple of reasons. One is just

as i said on the call we do believe that we can hold our nim going forward for a couple of reasons one is just


during our last call, with the exception of a recent downward revision to our foundry outlook.

during our last call with the exception of a recent downward revision to our foundry outlook


well, whether we're talking about Viewpoint or e-Builder, but across all the businesses we have in the construction technology space,

well whether we're talking about viewpoint or e-builder but across all the businesses we have in the construction technology space


taking on the role of -- wanting to develop this market in a more serious way. Still, I will say

taking on the role of wanting to develop this market in a more serious way still i will say


Collectively, these facilities will provide Lakeland with the capability to nearly double existing manufacturing capacity

collectively these facilities will provide lakeland with the capability to nearly double existing manufacturing capacity


Any significant variation from these key assumptions could cause our EBITDA to fall outside of the range provided.

any significant variation from these key assumptions could cause our ebitda to fall outside of the range provided


So Detsky Mir is a very strong brand which attract people. The second thing is

so geoteknir is a very strong brand which attract people the second thing is


while expanding our GalXC technology platform into new disease areas and targets of interest.

while expanding our galaxy technology platform into new disease areas and targets of interest


and he has brought a lot of organization skill to the business already, having only been with us a few months.

and he has brought a lot of organization scale to the business already having only been with us a few months


And then when the technology is completely rewritten onto the one platform that you want?

and then when the technology is completely rewritten onto the one platform that you want


We are currently in the process of negotiating terms and conditions, and we expect to have the new facility in place soon.

we are currently in the process of negotiating terms and conditions and we expect to have the new facility in place soon


Well, what we have done here is we've made a concerted effort to say that within a

well what we have done here is we've made a concerted effort to say that within a


I would also like to remind everyone that we believe the net impact on Aratana from this transfer is minor,

i would also like to remind everyone that we believe the net impact on aratana from this transfer is minor


be repeated in the next period as it was done in this quarter.


Are these similar in size to what you recently announced? Any color on that would be helpful.

are these similar in size to what you recently announced any color on that would be helpful


Today, we're a diversified global asset manager that covers all major markets and sectors.

today we're a diversified global asset manager that covers all major markets and sectors


We have a variety of different kinds of assets in that,

we have a variety of different kinds of assets in that


and maybe you saw it while you were there, we did see some areas of dilution that crept in on us,

and maybe you saw it while you were there we did see some areas of dilution that crept in on us


the areas that we bought these in were areas that we specifically had a lot of data


if I look at the mortgage book, isn't the main driver of the margin expansion in mortgages just

if i look at the mortgage book isn't the main drive of the margin expansion on mortgages just


As this is my last earnings call, I do have a few additional comments that I'd like to make.

as this is my last earnings call i do have a few additional comments that i'd like to make


Net loss on investments for the second quarter included valuation losses on distressed mortgage loans

net loss on investments for the second quarter included valuation losses on distressed mortgage loans


And what I mean by that is, if the customer is using a different payment

and what i mean by that is that if the customer is using a different payment


to ensure that citizens are able to seamlessly access critical government programs and services.


all the stakeholders understand that we understand the market and that we're going to address the market being there. So

all the stakeholders understand that we understand the market and that we're going to address the market being there so


So, Aditya, it's very difficult to say that. As I said earlier that it depends upon what contracts you win and how do you execute them,

so it's very difficult to say that as i said earlier that it depends upon what contracts you win and how do you execute them


Before we proceed with our presentation, please kindly read the disclaimer

before we proceed with our presentation please kindly read the disclaimer


I believe this consistent approach to growth, productivity and cash will drive better value creation,

i believe this consistent approach to growth productivity and cash will drive better value creation


highlighting our ability to prudently manage credit risk as we open new stores.


This is where our ecosystem of devices, software and users, now powered by AI, will be a game changer.

this is where our ecosystem of devices software and users now powered by ai will be a game changer


in other areas in order to strengthen our product offering to these types of customers.


For anyone who has not had the chance to review our results, we issued a press release after the close of trading today,

for anyone who has not had the chance to review our results we issued a press release after the close of trading today


Well, we think we can be a strong regional player. And we're going to a regional show next month in April

well we think we can be a strong regional player and we're going to a regional show next month in april


Obviously, we have a very large customer in that space, and we have other large customers as well that have the potential

obviously we have a very large customer in that space and we have other large customers as well that have the potential


mobile crushing and also the different parts of crushing? How those are performing relative to when you took over?

mobile crushing and also the different parts of crushing how those are performing relative to when you took over


The one -- and I'll just share with you the way that we look at it and -- is that

the one and i'll just share with you the way that we look at it and is that


So the simple point, Rob, is don't forget that we are growing essentially in line with our categories

so the simple point rob is don't forget that we are growing essentially in line with our categories


Russia grew high teens for the year, driven by strong growth across all categories

russia grew high teens for the year driven by strong growth across all categories


the sale development was slightly negative year-on-year in a still challenging market.


so much of your business now seems to be more project-oriented? And

so much of your business now seems to be more project oriented and


as our Grayling mill returned to full production following a press replacement that was completed in late October.

as our grayling mill returned to full production following a press replacement that was completed in late october


And The Commercial Appeal in Memphis won first place in explanatory reporting for daily newspapers

and the commercial appeal in memphis won first place in explanatory reporting for daily newspapers


And so I think we have every reason to believe that when you marry that with the D code that we will see

and so i think we have every reason to believe that when you marry that with a decode that we will see


All financial references on this call will be on a non-GAAP continuing operations basis, unless otherwise indicated.

all financial references on this call will be on a non-gaap continuing operations basis unless otherwise indicated


Our omnichannel ecosystem is a strategic weapon as it drives much stronger customer engagement.

our omnichannel ecosystem is a strategic weapon as it drives much stronger customer engagement


some of your findings from preclinical studies that give you confidence that 253 has a safe therapeutic window.


It was one thing when we met with regulars in other jurisdictions where a short seller was making allegations about the company.

it was one thing when we met with regulators and other jurisdictions where a short seller was making allegations about the company


We have available capacity within Q2 and we could have chosen to produce those orders.

we have available capacity within q2 and we could have chosen to produce those orders


it's -- it was just a really good quarter. It was a nice mix of the 3 buckets of

it's -- i mean it was just a really good quarter it was a nice mix of the 3 buckets of


methodology that we go through. Whenever we have a need for a solution that our customers are looking for,

methodology that we go through whenever we have a need for a solution that our customers are looking for


The fluctuations in our working capital between periods were primarily related to the timing of collections from clients

the fluctuations in our working capital between periods were primarily related to the timing of collections from clients


the LNG business continues to be down towards the bottom. And so we don't see a lot of change in either one of those.

the lng business continues to be down towards the bottom and so we don't see a lot of change in either one of those


in delivering another strong quarter of results in safety and financial performance.


I would like to stress that the fact that we are cautious

i would like to stress that the fact that we are cautious


we don't seem to have those same issues in our tolerability profile. So from both

we don't seem to have those same issues in our tolerability profile so from both


Before handing the call over to Pam for a walk-through of the financials, I'll provide an operational update.

before handing the call over to pam for a walkthrough of the financials i'll provide an operational update


wasn't beyond the wit of man to assume at some point they are going to put those bundles together, and we have done the same thing with great success.

wasn't beyond the wit of man to assume at some point they are going to put those bundles together and we have done the same thing with great success


and this is an important point, this is not just a cost-cutting exercise. And I think we've seen or you are likely to see

and this is an important point this is not just a cost-cutting exercise i think we've seen or you're likely to see


We expect these and other investments such as CombiPlex and our ImmunoGen collaboration to drive further value over time.

we expect these and other investments such as combiplex and our immunogen collaboration to drive further value over time


cost savings and modestly higher capacity utilization in the fourth quarter.


But I think the most impactful for us has been the number of people being driven to that

but i think the most impactful for us has been the number of people being driven to that


while the other one is still moving ahead on track, and we hope to close that bit in the March-April time frame.

while the other one is still moving ahead on track and we hope to close that bid in the march-april time frame


Wouldn't you think that with the strides you're making and given that cardiac and stroke are so closely related

wouldn't you think that with the strides you're making and given that cardiac and stroke are so closely related


to be as secure as they should. So we need to look at that, all of us,

to be as secure as they should so we need to look at that all of us


So we got impacted by that. That's actually back online, so it will not have as big of impact in the third.

so we got impacted by that that's actually back online so we'll not have as big of impact in the third


that they need to have a little bit more courage, Europe included, to start to drive through these structural reforms.

that they need to have a little bit more courage europe included to start to drive through these structural reforms


Before I discuss Wabash National specific expectations for the first quarter

before i discuss wabash natural's specific expectations for the first quarter


is offsetting these factors? And could you also just talk about what's driving the range in the guidance?

is offsetting these factors and could you also just talk about what's driving the range in the guidance


If you turn to Slide 5, I'll review the quarter financials in more detail.

if you turn to slide 5 i'll review the quarter financials in more detail


So I would say there are some variances by market, but some of it is caused by us and where we're buying homes and adding more volume to our portfolio.

so i would say there are some variances by market but some of it is caused by us and where we're buying homes and adding more volume to our portfolio


that will be paid to Tricon, and that will offset some of this early stage incremental overhead. So

that will -- that will be paid to tricon and that will offset some of this early-stage incremental overhead so


With respect to private label in frozen over time, here's how I think about that.

with respect to private label in frozen over time here's how i think about that


One was getting energy ready for what we'll call stabilization and kind of upturn, and I think

one was getting energy ready for what we'll call stabilization and kind of upturn and i think


or employees and internal and external workforce, I should say. We have actually substituted

or employees and internal and external workforce i should say we have actually substituted


in our projections along with the improvements we'll see in our cost model. So that gives us confidence there's

in our projections along with the improvements we'll see in our cost model so that gives us confidence there's a


in taking the necessary steps to ensure our businesses adjust to fluctuations in demand.


Looking beyond our strong financial results, we believe the company is well positioned for continued success.

looking beyond our strong financial results we believe the company is well positioned for continued success


So we see that we have these continued capital opportunities and feel great about that. But overall,

so we see that we have these continued capital opportunities and feel great about that but overall


Our catering-only revenues from the provision of catering and housekeeping services without associated bed rentals

our catering only revenues from the provision of catering and housekeeping services without associated bed rentals


We believe this is a firm indication that by combining our Discovery and Safety Assessment businesses

we believe this is a firm indication that by combining our discovery and safety assessment businesses


These statements are based on management's beliefs and assumptions, current expectations, estimates and forecasts.

these statements are based on management's beliefs and assumptions current expectations estimates and forecasts


and the approval of an RF device in Japan, which will provide a very positive boost to the end of the year.

and the approval of an rf device in japan which will provide a very positive boost to the end of the year


some repair procedures, and that will be another area of analysis for us going forward

some repair procedures and that will be another area of analysis for us going forward


We also hired a gentleman who was with Graystone Consulting, and acted as a very high level PM

we also hired a gentleman who was with greystone consulting and acted as a very high-level pm


And we are continuously looking for ways to bolster our programming and grow our audiences and deepen their engagement.

and we are continuously looking for ways to bolster our programming and grow our audiences and deepen their engagement


much more specific guidance at our Investor Day on June 7. It's -- we think it's really important

much more specific guidance at our investor day on june 7 we think it's really important


We look forward to keeping you updated as we execute our strategy during the balance of 2017 and beyond.

we look forward to keeping you updated as we execute our strategy during the balance of 2017 and beyond


All transactions are subject to market and other conditions as well as requisite approvals.

all transactions are subject to market and other conditions as well as requisite approvals


and I guess new construction perhaps in the balance at the moment in the larger projects. But as you see those opportunities, I think,

and i guess new construction perhaps in the balance at the moment in the larger projects but as you see those opportunities i think


prior to getting the full final solution set. A few of these key elements that we deem priority

prior to getting the full final solution set a few of these key elements that we deem priority


that shows the metal price going back to 2016. And you can see it's been steadily increasing

that shows the metal price going back to 2016 and you can see it's been steadily increasing


could have their holdings redeemed for Class A shares, which are listed and traded on the NYSE. As

could have their holdings redeemed for class a shares which are listed and traded on the nyse


so that they may be leased to larger, better credit tenants at higher rents.

so that they may be leased to larger better credit tenants at higher rents


it has not been as robust as we've seen in 2015, but it's been fairly steady.

it has not been as robust as we've seen in 2015 but it's been fairly steady


kind of, the transition or the progress there, and what the opportunity is with this account longer term?

kind of the transition or the progress there and what the opportunity is at this account longer term


Having said that, in light of the company's efforts over the years, in terms of the new business like the battery business

having said that in light of the company's efforts over the years in terms of the new business like the battery business


Excluding the adverse effect of the South African taxes, the normalized tax rate for the group

excluding the adverse effect of the south african taxes the normalized tax rate for the group


the limitations of certain industry and market data included in the presentation and the use of non-GAAP financial measures.

the limitations of certain industry and market data included in the presentation and the use of non-gaap financial measures


And so we are positioned to be able to gain share and continue to accelerate our positioning

and so we are positioned to be able to gain share and continue to accelerate our positioning


while excluding the aforementioned revaluation gain and transaction fees and expenses.


merchandising, manufacturing and technology, was also a major focus of the convention.

merchandising manufacturing and technology was also a major focus of the convention


Partially offsetting these gains was a realized loss related to the restructuring of a middle market investment.

partially offsetting these gains was a realized loss related to the restructuring of our middle market investment


No one should assume that these forward-looking statements remain valid later in the quarter or later in the year.

no one should assume that these forward-looking statements remain valid later in the quarter or later in the year


The document may be found on the company's website under Investor Center as well as on the SEC website.

the document may be found on the company's website under investor center as well as on the sec website


I am sure that we made the right decision and that we are choosing the right leader for the company.

i'm sure that we made the right decision and that we are choosing the right leader for the company


in all these different business lines. We acquire clients more cost effectively than our competitors

in all these different business lines we acquire clients more cost-effectively than our competitors


As you see from this quarter's results, however, we are back on track and clearly moving in the right direction.

as you see from this quarter's results however we are back on track and clearly moving in the right direction


We are currently constructing a new latex balloon production machine at our facility in Mexico,

we are currently constructing a new latex balloon production machine at our facility in mexico


Actual improvements will be realized in improved adjusted operating income.

actual improvements will be realized in improved adjusted operating income


If we think about Q4, we saw particularly strong consumption and sales in the core lip care

if you think about q4 we saw particularly strong consumption and sales in the core lip care


is in the process of being migrated to a virtual private cloud environment utilizing cloud data services.

is in the process of being migrated to a virtual private cloud environment utilizing cloud native services


maybe one question for Brian. Just on the fees that were in the service charges, kind of the exit fees, Brian, how much was

maybe one question for brian just on the fees that were in the service charges kind of the exit fees brian how much was


week was the first phase, which is a parkade and some renovations to the interior. We've got other phases to go.

week was the first phase which is a parcade and some renovations to the interior we've got other phases to go


So let me answer very specifically and then maybe Dominic wants to talk more generally about the

well let me answer very specifically and then maybe dominic wants to talk more generally about the


It has been proven time and again that an engaged workforce delivers better results.

it has been proven time and again that an engaged workforce delivers better results


Not every company can claim it deeply impacts the lives of millions. We can.

not every company can claim it deeply impacts the lives of millions we can


which just means that the monitoring dimension, the risk management dimension, the appraisal dimension

which just means that the monitoring dimension the risk management dimension the appraisal dimension


We also had higher system sales in the quarter related to the opening of the Wynn Macau.

we also had higher system sales in the quarter related to the opening of the wind macau


I will now hand the call over to Jim, to comment further on our operations and market conditions.

i will now hand the call over to jim to comment further on our operations and market conditions


which is a primary mechanism for transporting and delivering refined products


the hard work to reduce our costs and to improve margins as we go forward.

to the hard work to reduce our costs and to improve margins as we go forward


I think -- I don't -- I wouldn't expect huge differences in what we're doing, but I think we're looking forward to

i think i don't -- i wouldn't expect huge differences in what we're doing but i think we're looking forward to


We will provide weldments and precision machining capabilities to the Korean equipment suppliers

we will provide weldments and precision machining capabilities to the korean equipment suppliers


actually there will be -- we really can't predict right know if there will be

actually there will be -- we really can't predict right now if there will be


The seasonal sequential decline in our wireless segment was less than expected

the seasonal sequential decline in our wireless segment was less than expected


Our acquisition pipeline is very active and provides avenues for both healthy diversification and growth.

our acquisition pipeline is very active and provides avenues for both healthy diversification and growth


I will conclude with an update on our guidance, reaffirming our previously established outlook.

i will conclude with an update on our guidance reaffirming our previously established outlook


Thank you, again, for your interest and support. And we look forward to updating you on our progress soon.

thank you again for your interest and support and we look forward to updating you on our progress soon


when there will be a decision of ACM and when the decision will not change from what we see

when there will be a decision of acm and when the decision will not change from what we see


The second important announcement of Jay's speech was Meritor identifying Peterbilt

the second important announcement of jay's speech was meritor identifying peterbilt


I'm not sure I can give you a much more specific answer than that. We're looking every day and finding those opportunities. We will make some headway this coming year on

i'm not trying to give you a much more specific answer on that we're looking every day of finding those opportunities we will make some headway this coming year on it


This is providing us with a strong foundation from which we can generate consistent growth.

this is providing us with a strong foundation from which we can generate consistent growth


the matrix management of expenses is working quite well.


I would now like to ask Rob to discuss the summary financial results for the third quarter.

i would now like to ask rob to discuss the summary financial results for the third quarter


And the ultimate impact on our in-service date is ultimately going to depend on the final conditions that we receive in May.

and the ultimate impact on our in-service date is ultimately going to depend on the final conditions that we receive in may


there is no question that we're going to have to start settling and collecting that cash,

there's no question that we're going to have to start settling and collecting that cash


We have a relentless focus on reducing costs and improving efficiency across the business.

we have a relentless focus on reducing costs and improving efficiency across the business


due to a variety of factors. We refer you to Marlin's recent filings with the SEC for more detailed discussions

due to a variety of factors we refer you to marlin's recent filings with the sec for more detailed discussions


and so this is something that's really just a trace element, has a limited impact on

and so this is something that's really just a trace element has a limited impact on


Market awareness continues to build and Privileged Account Security is often among the top priorities in enterprise security.

market awareness continues to build and privileged account security is often among the top priorities in enterprise security


With the acquisition of Conjur, we have significantly expanded our offering with advanced security and management capabilities,

with the acquisition of conjure we have significantly expanded our offering with advanced security and management capabilities


For the full year, we grew in all of our major commercial regions and grew in all of our major end markets as well.

for the full year we grew in all of our major commercial regions and grew in all of our major end markets as well


When we acquired that company, we quickly identified the talent that exists in that group that

when we acquired that company we quickly identified the talent that exists in that group that


if the right things come along. Are we at the right point in the cycle for you to be making acquisitions? And are there things available?

if the right things come along are we at the right point in the cycle for you to be making acquisitions and are there things available


to store layouts, vendor matrix and improving the overall customer experience.

to store layouts vendor matrix and improving the overall customer experience


The other area I'd highlight there is that saks.com remains one of the most exciting Internet sites that I've seen

the other area i would highlight there is that saks com remains one of the most exciting internet sites that i've seen


expect to grow our pretax income, you should see the effective tax rate trend downwards.

expect to grow our pretax income you should see the effective tax rate trend downwards


In addition, today's press release and supplementary financial data tables have been posted to our website.

in addition today's press release and supplementary financial data tables have been posted to our website


The return on investments for areas A and B is definitely in the high

the return on investment for areas a and b is definitely in the high


the rest of the business is broadly in neutral flows, which is

the rest of the business is broadly in neutral flows which is


I think it's early on because remember, we didn't actually implement the change until November. So

i think it's early on because you remember we didn't actually implement the change until november so


The program will extend beyond this as we take it to further countries and deeper into our supply chain.

the program will extend beyond this as we take it to further countries and deeper into our supply chain


That business is doing very, very well for us. And the tea business is actually also consistently improving.

that business is doing very very well for us and the tea business is actually also consistently improving


We want more people to be directly linked to the results in the marketplace and being held accountable for that.

we want more people to be directly linked to the results in the marketplace and being held accountable for that


with an average maturity of bonds longer than 7 years.


We're pleased to be in a position to commence a regular dividend, which I believe underscores the confidence

we're pleased to be in a position to commence a regular dividend which i believe underscores the confidence


The program is not mandated by law and also requires a referral from a general practitioner.

the program is not mandated by law and also requires a referral from a general practitioner


The financial impact from the HAAS contract modifications had an immediate pickup

the financial impact from the haas contract modifications had an immediate pickup


So we're pleased with the improvements that we've seen in productivity as more of our employees have graduated and become accredited.

so we're pleased with the improvements that we've seen in productivity as more of our employees have graduated and become accredited


and was appointed CFO for the group in February this year.

and was appointed cfo for the group in february this year


in the state prison system that has been developed because of inmate population growth over the last year.

in the state's prison system that has been developed because of inmate population growth over the last year


The transfer price from Japan is determined through APA, advance pricing arrangement

the transfer price from japan is determined through apa advanced pricing arrangement


if you just do a fourth quarter to fourth quarter comparison, I can't give you a better

if you just do a fourth quarter to fourth quarter comparison i can't give you a better


or do you envision them having a positive effect on your end markets going forward, either the consolidation of the industries

or do you envision them having a positive effect on your end markets going forward either the consolidation in the industries


is going. Tanja will start with an extensive review of our talent function as geographically deployed.

tony will start with an extensive review of our talent function as geographically deployed


The increase for 2015 is primarily driven by the lower depreciation expense from the asset life extension.

the increase for 2015 is primarily driven by the lower depreciation expense from the asset life extension


We will continue to monitor the business environment and costs closely while investing for future growth.

we will continue to monitor the business environment and costs closely while investing for future growth


We will maximize the use of Haneda and Narita as we aim to complete our dual hub model.

we will maximize the use of haneda and narita as we aim to complete our dual hub model


So it's become a major part of our business. And when people think of Industrial, you think of all these kind of small

so it's become a major part of our business and when people think of industrial you think of all these kind of small


Well, I'll start off and then see if Jack wants to add anything. But when we think about the use of cash,

well i'll start off and then see if jackal wants to add anything but when we think about the use of cash


for share-based awards for accounting and tax purposes are recognized upon vesting or settlement


over the long term. There are number of strategic benefits which results from this transition.

over the long term there are a number of strategic benefits which results from this transition


that would have probably had an impact on how our yields were for gasoline.


I would first like to refer to the advisory regarding forward-looking statements contained in today's news release.

i would first like to refer to the advisory regarding forward-looking statements contained in today's news release


This sales level was slightly lower than plan, but the product mix was somewhat stronger,

this sales level was slightly lower than planned but the product mix was somewhat stronger


Another very important key aspect is yields.

another very important key aspect is yields


or how the business will perform as we look forward to next year, extent this sort of volatility continues?

or how the business will perform as we look forward to next year to extend this sort of volatility continues


does it mean that you'll have to eventually sell them off? And if yes, then have you already started the process?

does it mean that you'll have to eventually sell them off and if yes then have you already started the process


and general rental markets as a result of lower capital spending caused by the substantial decline in energy prices.


We have an idea of the type of -- where we want to be in terms of our digital audience.

we have an idea of the type of -- where we want to be in terms of our digital audience


Last month, new research was published representing the most current analysis of national trends in opioid prescribing.

last month new research was published representing the most current analysis of national trends in opioid prescribing


In the case of Brio Gold, we took a strategic decision to focus on improving the quality of operations.

in the case of brio gold we took a strategic decision to focus on improving the quality of operations


increasing levels of competition, and heightening innovation levels, as well as consumers and businesses

increasing levels of competition and heightening innovation levels as well as consumers and businesses


All of which has driven a significant increase in sales and profits versus prior year for these stores.

all of which has driven a significant increase in sales and profits versus prior year for these stores


If franchisees don't make money in a franchise restaurant business, no one wins.

if franchisees don't make money in a franchise restaurant business no one wins


have known our organic growth has been relatively anemic. We've been trying to bring some focus to that,

have known our organic growth has been relatively anemic we've been trying to bring some focus to that


Given our second half earnings and cash flow expectation, the group has surplus capital.

given our second half earnings and cash flow expectation the group has surplus capital


Okay. Can you expand a little bit on what programs or products are driving that strength?

okay can you expand a little bit on what programs or products are driving that strength


Thank you, Kevin. We are sincerely grateful for all that you've done since joining the Cable ONE family.

thank you kevin we are sincerely grateful for all that you've done since joining the cable one family


primarily to fund general and administrative expenses and for research and development.


We are even more consumer-centric using data and insights to inform our actions.

we are even more consumer-centric using data and insights to inform our actions


Our value enhancement programs will begin to show through as they have in Matrix the past few quarters.

our value enhancement programs will begin to show through as they have in matrix the past few quarters


Concerning online, we are working on developing an even more fluid and immersive way of experience

concerning online we are working on developing an even more fluid and immersive web experience


I think the intention is to keep it indefinitely as indefinitely is used

i think the intention is to keep it indefinitely as indefinitely is used


change in your thought about where that segment's margin can go over the long term?


and the success of other -- of our strategic initiatives. And on Slide 7, you're going to see that we've been doing just that

and the success of other -- of our strategic initiatives and on slide 7 you're going to see that we've been doing just that


since we're now sort of experts, given our Belgian acquisition. For the record, we do not see a seismic shift

since we're now sort of experts given our belgian acquisition for the record we do not see a seismic shift


Thank you. This concludes today's conference call. You may now disconnect.

thank you this concludes today's conference call you may now disconnect


But one of the major issues I believe is still

but one of the major issues i believe is still


I think we certainly lost out on a significant amount of cases during the quarter because we were literally

i think we certainly lost out on a significant amount of cases during the quarter because we were literally


My comments this morning will refer to the slides that are available through the Investors section of our website.

my comments this morning will refer to the slides that are available through the investors section of our website


the infrastructure for all of that and get the right folks onboard. There's quite a bit of work to do. We had to do work on the product itself.

the infrastructure for all of that and get the right folks on board there's quite a bit of work to do we had to do work on the product itself


Additional information on these investments and their impact to our financial statements is included in our Redwood Review.

additional information on these investments and their impact or financial statements is included in our redwood review


and enables us to go to market with a full range of aerodynamic solutions for our customers.


Discussions of these non-GAAP measures and reconciliations of them to their most comparable GAAP measures

discussions of these non-gaap measures and reconciliations of them to their most comparable gaap measures


Likewise, a very competitive situation in another Gray market that previously has seen its share of competitive races

likewise a very competitive situation in another gray market that previously has seen its share of competitive races


sort of towards the end of last year, and that really just supported our plans to move forward in these 2 indications.

sort of towards the end of last year and that really just supported our plans to move forward in these 2 indications


We continue to add features to ensure we're staying at the forefront of school safety.

we continue to add features to ensure we're staying at the forefront of school safety


an increase in underlying EBIT will be offset by increased depreciation and interest costs.

an increase in underlying ebit will be offset by increased depreciation and interest costs


This means that the countries where we are anticipating a possible growth in our portfolio

this means that the countries where we are anticipating a possible growth in our portfolio


it seems that it's going the right direction. So eventually, there might be some opportunities in Argentina

it seems that it's going in the right direction so eventually there might be some opportunities in argentina


The company opened a both in recent CEATEC and attracted a great attention.

the company opened a booth in recent ctec and attracted great attention


In 2019, we're relatively confident that we'll be able to get back to our targets,

in 2019 we're relatively confident that we'll be able to get back to our targets


I think we would expect pragmatic solutions and strong support from

i think we would expect pragmatic solutions and strong support from


And so the extension from that final leg, and there's a couple of different routes that we would be looking at,

and so the extension from that final leg and there's a couple of different routes that we would be looking at


its internalization process, setting up subsidiaries in the main European countries,

its internalization process setting up subsidiaries in the main european countries


lie in those agreements? And when, I guess, when will you be at a point to

lie in those agreements and when i guess when will you be at a point to


Thank you, Brian. On behalf of the management of Twin Disc, we are extremely pleased that you have taken the time

thank you brian on behalf of the management of twin disc we are extremely pleased that you have taken the time


At the end of December, we concluded the transaction with Weatherford, not as a joint venture

at the end of december we concluded the transaction with weatherford not as a joint venture


a significant advantage in being able to do both? I think we'd like to have both,

a significant advantage in being able to do both i think we'd like that both


groundbreaking shift in the way we're doing business or the discussions. There's no question

groundbreaking shift in the way we're doing business or the discussions there's no question


to go through that and ongoing weakness in its primary operating unit,

to go through that and an ongoing weakness in its primary operating unit


But it's still a important tracker to see the attractiveness of our radio platform.

but it's still an important tracker to see the attractiveness of our radio platform


and it states that we could do some very exciting things for the future. And it makes a quite an exciting place to be.

in a stage that we could do some very exciting things for the future and it makes it quite an exciting place to be


Finally, we have continuously sought feedback from all of our shareholders.

finally we have continuously sought feedback from all of our shareholders


amongst other studies to be conducted during this fiscal year. That program is currently underway

amongst other studies to be conducted during this fiscal year that program is currently underway


that you already know then that our dividend will increase next year due to the fact that it also


We've got others that may be getting closer to that potential. We're going to keep trying to work to improve it, and we do believe that

we've got others that may be getting closer to that potential we're going to keep trying to work to improve it and we do believe that


is also normally weaker than the first because of the holiday period in August

is also normally weaker than the first because of the holiday period in august


stream CBS content even if it's not local? Or am I totally cut off from that?

stream cbs content even if it's not local or am i totally cut off from that


of this call on our website. We also will post an updated investor deck to the website in the next few days.

of this call on our website we also will post an updated investor deck to the website in the next few days


Systematically and generically, we do a review of our position in portfolios, but

systematically and generically we do a review of our position in portfolios but


including some very significant partners on-boarded, that have large sales forces on The Street.

including some very significant partners onboarded that have large sales forces on the street


The time factor meaning ramping up. I mean, from the moment that you have signed up the new advisory agreement

the time factor meaning ramping up i mean from the moment that you have signed up the new advisory agreement


is that it's built our confidence along with evidence from this new TAM

is that it's built our confidence along with evidence from this new tam


Right. So we do have price discipline. You're absolutely correct. And we have lost

right so we do have price discipline you're absolutely correct and we have lost


Okay. Well, thank you all very much for listening. We look forward to speaking to you again next quarter.

okay well thank you all very much for listening we look forward to speaking to you again next quarter


With that introduction, I will turn it over to Bob to discuss our financial results in more detail Thank you, Jon.

with that introduction i will turn it over to bob to discuss our financial results in more detail thank you john


The automotive catalyst market is currently concentrated with a small handful of global manufacturers.

the automotive catalyst market is currently concentrated with a small handful of global manufacturers


the water circulating around the facility for cooling water may be not be as critical to them as

the water circulating around the facility for cooling water may not be as critical to them as


and fully appreciate the multitude of negative impacts TD can have on the quality of people's lives.

and fully appreciate the multitude of negative impacts td can have on the quality of people's lives


We have always considered this a learning launch and have gained quite a bit of insight about the TD market during the first year.

we have always considered this a learning launch and have gained quite a bit of insight about the td market during the first year


there were still -- in relation to the size of the business, there were few enough left that even though we lost some at the end,

there were still -- in relation to the size of the business there were few enough left that even though we lost some at the end


I think the cost savings from the merger cost savings

i think the cost savings from the merger cost savings


and it distracted from our new business efforts. But I don't think revenue dissynergies were anything that really added to that.

and it distracted from our new business efforts but i don't think revenue dissynergies were anything that really added to that


with production, costs and capital all meeting or beating our market guidance

with production costs and capital all meeting or beating our market guidance


Given our significant inventory reductions during the year, we would like to point out that our tons based churn rate

given our significant inventory reductions during the year we would like to point out that our tons-based turn rate


from the many programs and investments we've been making in Collectors Universe to promote our brands around the world. The

from the many programs and investments we've been making in the collector's universe to promote our brands around the world


Asia Pacific orders increased 9%, driven by strong growth in China,

asia pacific orders increased 9% driven by strong growth in china


Going forward, we expect our net interest income will represent an increasing portion

going forward we expect our net interest income will represent an increasing portion


and cost management levers at MacDermid that we began to exercise in the second half of the year.

and cost management levers at mcdermott that we began to exercise in the second half of the year


really early, you're not going to be -- you're going to be having a lower yield until you achieve that higher level. So there is

really early you are not going to be -- you're going to be having a lower yield until you achieve that higher level so there's


We're also slightly trimming our outlook for sales to our process industry end markets to reflect weaker OEM order trends

we're also slightly trimming our outlook for sales to our process industry end markets to reflect weaker oem order trends


that we signed about five years ago, started the deployment over the past few years

that we signed about 5 years ago started the deployment over the past few years


Some may be a little tighter depending on competition, some may be a little further depending on competition

some may be a little tighter depending on competition some may be a little further depending on competition


One. The urgency of enterprises to digitally transform their business operations

one the urgency of enterprises to digitally transform their business operations


Clearly, ongoing uncertainty about Brexit and the political instability that brings on is unhelpful.

clearly ongoing uncertainty about brexit and the political instability that brings on is unhelpful


It's largely dependent on the number of brands and markets that we have active, but

yes it's largely dependent on the number of brands and markets that we have active


do you want and expect the business to have over the medium or long term? I'll


activity is influencing a higher level of refinancings. But in terms of our ability to predict

activity is influencing a higher level of refinancings but in terms of our ability to predict


I hope that I have tackled all of your questions on currency and Argentina.

i hope that i have tackled all of your questions on currency and


These are e-commerce. We've talked about this in the past. I mentioned Asia in the last call as well,

these are e-commerce we've talked about this in the past i mentioned asia in the last call as well


And we expect that to continue as well alongside the continued growth of the breach response products

and we expect that to continue as well alongside the continued growth of the breach response products


most of your peers. So can you just talk generally about OpEx and sort of how you think about what you could cut and what you can't? Well,

most of your peers so can you just talk generally about opex and sort of how you think about what you could cut and what you can


Overall, we're pleased with the progress we're making in the digital space in terms of development of digital products,

overall we're pleased with the progress we're making in the digital space in terms of development of digital products


improving operating margins through an increased focus on manufacturing productivity, and reducing our fixed cost,

improving operating margins through an increased focus on manufacturing productivity and reducing our fixed costs


Second, we continue to be pressured by rising commodity costs and ongoing inflation.

second we continue to be pressured by rising commodity costs and ongoing inflation


that being something you'll contemplate at some point. What will you look at to think about doing that?

that being something you would contemplate at some point what will you look at to think about doing that


but with the tax changes and the SALT provision, do you expect that to decelerate at all next year?

but with the tax changes and the salt provision do you expect that to decelerate at all next year


Very briefly, leases need to be capitalized and then amortized over the length of the leases.

very briefly leases need to be capitalized and then amortized over the length of the leases


and making sure we've got the infrastructure systems and people processes to support that.


each of these salespeople in the different regions to face-off in a very disciplined way against both

each of these salespeople in the different regions to face off in a very disciplined way against both


for almost the entire period you were in a situation with surplus

for almost the entire period you are in a situation with surplus


Great. And if I can just follow up my earlier question

great and if i can just follow up my earlier question excuse me


And certainly, as we looked at what we saw happen during the early part of 2018, that has continued.

and certainly as we looked at what we saw happen during the early part of 2018 that has continued


There was no material impact from mergers and acquisition activity on any of our financial results in the quarter.

there was no material impact from mergers and acquisition activity on any of our financial results in the quarter


despite being based in Houston with nearly 100 facilities on the Gulf Coast area that was affected by the storm.

despite being based in houston with nearly 100 facilities on the gulf coast area that was affected by the storm


Note that we want to be cautious given the extremely competitive landscape

note that we want to be cautious given the extremely competitive landscape


she got contacted by her clinic and now she's going back to this letter that was proof that we need a contract.

she got contacted by her clinic and that she was going back to this letter that was proof that we need a contract


Obviously, there's not a big revenue generation associated with that. We're now in full commercial launch, so we feel

obviously there's not a big revenue generation associated with that we're now in full commercial launch so we feel


And we are evaluating further indications to take into clinical programs that will give us additional first mover advantages

and we are evaluating further indications to take into clinical programs that would give us additional first-mover advantages


We'll stay in touch with her, and I'm sure she will, in many ways, stay close to the company in the years to come.

we'll stay in touch with her and i'm sure she will in many ways stay close to the company in the years to come


high single-digit with positive demand spread across all major European countries.

high single digit with positive demand spread across all major european countries


In fact, what we want to do when the yields are very high,

in fact what we want to do when the yields are very high


We see that start-up costs has been part of the equation in the first half of the year

we see that startup cost has been part of the equation in the first half of the year


but come in and see it because it's something we're very proud of and continue to work on as we take that cultural approach


coming in the right direction in terms of improvements, not all over the place, but in some places.

coming in the right direction in terms of improvements not all over the place but in some places


And Protective Solutions had a difficult quarter due to deleveraging associated with the lower volume,

and protective solutions had a difficult quarter due to deleveraging associated with the lower volume


And we now have a new opportunity both with Cornerstone HR and with content.

and we now have a new opportunity both with cornerstone hr and with content


We continue to believe our shares are undervalued by any measure and represent a very attractive investment opportunity.

we continue to believe our shares are undervalued by any measure and represent a very attractive investment opportunity


given our target capital, which is pretty high. I cannot say more at this stage

given our target capital which is pretty high i cannot say more at this stage


and describe how we're evolving our strategy to take full advantage of the tremendous opportunities ahead.


and that includes Atlanta as well as Orlando, Tampa and Jacksonville. So we're not done investing.

and that includes atlanta as well as orlando tampa and jacksonville so we're not done investing


Having opened an office in Japan, we are building momentum in that region and are focused on driving additional revenue.

having opened an office in japan we are building momentum in that region and are focused on driving additional revenue


We're currently in discussions with potential customers and expect to begin generating revenue by the end of the year.

we are currently in discussions with potential customers and expect to begin generating revenue by the end of the year


But I think we are likely to undershoot a bit revenues on the sales side of our business,

but i think we are likely to undershoot the bit revenues on the sell side of our business


we came to know the SDL management team quite well and are very pleased with how the transaction concluded.

we came to know the sdl management team quite well and are very pleased with how the transaction concluded


does that improve the profitability of the vessel meaningfully for the 2018 time frame?


sell the shares. Remember that we don't have the control of the shares. We only have the economical benefit

to sell the shares remember that we don't have the control of the shares we only have the economical benefit


lower financial results of more cost, that the main explanation here is

lower financial results or more cost that the main explanation here is


because we think the pricing is there to support it. And we try to be conservative in that pricing and

because we think the pricing is there to support it and we try to be conservative in that pricing and


adding to our project opportunities but also making better use of the existing capacity that we have.

adding to our projects opportunities but also making better use of the existing capacity that we have


on maximizing risk-adjusted returns in newer, higher quality and larger apartment communities

on maximizing risk-adjusted returns in newer higher quality and larger apartment communities


The remainder of the decrease was due to geographic mix and timing differences of when space came online.

the remainder of the decrease was due to geographic mix and timing differences of when space came online


Price increases that are designed to overcome the inflationary headwinds related to material, labor and distribution costs

price increases that are designed to overcome the inflationary headwinds related to material labor and distribution costs


With low volumes in France and in Spain compared to last year, and low inflations, no surprise.

with low volumes in france and in spain compared to last year and low inflation no surprise


which reflected adverse weather as well as the macro challenges impacting auto loss trends.


We believe we are on the right path and the strength of our Benchmark Homebuilding brand is reaching new heights.

we believe we are on the right path and the strength of our benchmark homebuilding brand is reaching new heights


Was there anything unusual? I know, you guys said there wasn't really anything out of the ordinary, but what sort of drove that increase in the quarter?

was there anything unusual i know you guys said there wasn't really anything out of the ordinary but what sort of drove that increase in the quarter


And what we find is the work generally pushes out, and that's a little bit of what we're seeing in the marketplace today.

and what we find is the work generally pushes out and that's a little bit of what we're seeing in the marketplace today


Is there any opportunity to transfer some of the Reed or now Centennial equipment

is there any opportunity to transfer some of the reed or now centennial equipment


And we don't believe that any of them are in any dire inventory position where they have to have a fire sale.

and we don't believe that any of them are in any dire inventory position where they have to have a fire sale


as we remain committed to operate the consumer business to maximize profits and free cash flow.


Our second quarter financial performance was highlighted by strong EBITDA and operating cash flow in our consumer business,

our second quarter financial performance was highlighted by strong ebitda and operating cash flow in our consumer business


struggle with that as well in the markets that we are currently dealing with, besides what I mentioned to you

struggle with that as well in the markets that we are currently dealing with besides what i mentioned to you


Looking ahead to the next few years, net financing costs are expected to reflect an interest rate on net debt

looking ahead to the next few years net financing costs are expected to reflect an interest rate on net debt


Staggering the Texas and New Mexico rate case filings will help us maximize the efficiency of our internal resources.

stabbering the texas and new mexico rate case filings will help us maximize the efficiency of our internal resources


With that, I'll turn the call over to Jim to provide an overview of the results for Agriculture.

with that i'll turn the call over to jim to provide an overview of the results for agriculture


The second impact is on margins. Irrespective of our go-forward services strategy

the second impact is on margins irrespective of our go-forward services strategy


with the remainder split between store strategies and base capital, primarily in omnichannel investment.

with the remainder split between store strategies and base capital primarily in omnichannel investment


Now I'd like to turn the call over to Michael to talk further about our results. Thanks, Rob, and good morning, everyone.

now i would like to turn the call over to michael to talk further about our results thanks rob and good morning everyone


And the second opportunity, which I have touched on also during the course of the morning, is the opportunity for enterprise and wholesale.

and the second opportunity which i've touched on also during the course of the morning is the opportunity for enterprise and wholesale


real mature operations. And I do think the nature of these programs is such that, in some form,

real mature operations and i do think the nature of these programs is such that in some form


And we started seeing quite a few wells just to the north of us, where

and we started seeing quite a few wells just to the north of us where


As we shared previously, the store payback of the new stores is within a year

as we shared previously the store payback of the new stores is within a year


And we can do this by continuing to add the most relevant, new SKUs to our product assortment.

and we can do this by continuing to add the most relevant new skus to our product assortment


business there, would we actually see a margin lift in the second half from that or are some of

business there would we actually see a margin lift in the second half from that or are some of the


The investment portfolio has now grown to the appropriate size relative to the size of our balance sheet.

the investment portfolio has now grown to the appropriate size relative to the size of our balance sheet


We spent the last 2 years really revamping our whole structure, going much more with a direct sales force

we spent the last 2 years really revamping our whole structure going much more with a direct sales force


This will be spurred by a higher level of innovation, driving branded growth in the second half of the year.

this will be spurred by a higher level of innovation driving branded growth in the second half of the year


and Southern Cone. And we expect foreign exchange headwinds to persist in Southern Cone.

and southern cone and we expect foreign exchange headwinds to persist in southern cone


primarily as a result of growth in equivalent admission volumes, higher reimbursement rates from commercial payers

primarily as a result of growth in equivalent admission volumes higher reimbursement rates from commercial payers


to have the expense leverage to continue to improve, as the expense ratio goes down and then as the book seasons,

to have the expense leverage to continue to improve as the expense ratio goes down and then as the book seasons


that the bank was able to design and offer suitable and attractive financial services to MTS current customers.

that the bank was able to design and offer suitable and attractive financial services to mtes currents customers


What is significant is that the approval was granted just 3 months after its submission.

what is significant is that the approval was granted just 3 months after its submission


Instead, I'll discuss what was different in the first quarter versus our expectations.

instead i'll discuss what was different in the first quarter versus our expectations


As John said, we made good progress in advancing the projects under the Project Uplift umbrella.

as john said we made good progress in advancing the projects under the project uplift umbrella


quite well. We added a new tissue and paper machine last year and we have increased also our

quite well we added a new tissue paper machine last year and we have increased also our


So I wouldn't say it's fully back to normal yet, but I think we're probably through the toughest pieces of it.

so i wouldn't say it's fully back to normal yet but i think we're probably through the toughest pieces of it


We are in a position to lead the research and elemental technology using NOMA and high frequency.

we are in a position to lead the research and elemental technology using noma and high frequency


Average sales realizations for our Chinese export logs are expected to be lower than the first quarter.

average sales realizations for our chinese export logs are expected to be lower than the first quarter


Going forward, we may seek partners to develop the market units at this project.

going forward we may seek partners to develop the market units at this project


Before I do that, I want to summarize what we have accomplished in the 3 months since this transaction has been closed.

before i do that i want to summarize what we have accomplished in the 3 months since this transaction has been closed


Our CTO sees tremendous opportunities to drive up performance and drive down costs

our cto sees tremendous opportunities to drive up performance and drive down cost


This award is a direct result of the hard work, dedication and commitment of our associates.

this award is a direct result of the hard work dedication and commitment of our associates


over longer time periods than they usually are. I know one of your competitors went out trumpeting one them specifically

over longer time periods than they usually are i know one of your competitors went out trumpeting one of them specifically


Just for your information, in May, we plan to file an 8-K with the SEC

just for your information in may we plan to file an 8-k with the sec


we have improved the profitability yet another quarter, and we have a strong financial position.

we have improved our profitability yet another quarter and we have a strong financial position


But our goal is to continue to drive growth in the business at that 4% to 5% range over the

but our goal is to continue to drive growth in the business at that 4% to 5% range over the


Our financial results improved from last quarter and from the corresponding quarter of last year.

our financial results improved from last quarter and from the corresponding quarter of last year


Now let me spend a few minutes on the impact of Tax Reform. As mentioned earlier, the result of this quarter

now let me spend a few minutes on the impact of tax reform as mentioned earlier the results of this quarter


As we wrap up, I'm pleased report that the season is off to a strong start with all of our resorts open.

as we wrap up i'm pleased to report that the season is off to a strong start with all of our resorts open


gives us confidence that we can reach 1,000 stores over the long term.

gives us confidence that we can reach 1 000 stores over the long term


The first one, if you look at Europe, then if you look at the whole political situations, the elections,

the first one if you look at europe then if you look at the whole political situations the elections


And this is really talking about some of the largest projects that we have. There might be some smaller ones that

and this is really talking about some of the largest projects that we have there might be some smaller ones that


But the main theme continued to be sourcing and structuring our own investments that others cannot easily access.

but the main theme continues to be sourcing and structuring our own investments that others cannot easily access


we recommend a topside adjustment to our modeling tips in the appendix to incorporate this transaction.


We also remain squarely focused on executing across our margin drivers to fuel growth.

we also remain squarely focused on executing across our margin drivers to fuel growth


It offers us greater scale with customers and increases our health and wellness credentials. Two,

it offers us greater scale with customers and increases our health and wellness credentials two


able to use our technology to produce a full range of resins, from basic homopolymers to

able to use our technology to produce a full range of resins from basic homopolymers


and insured values. But that's just one aspect of Aon. Another aspect is our ability to grow outside of traditional core

and insured values but that's just one aspect of aon another aspect is our ability to grow outside the traditional core


and are working earnestly towards figuring out things that they're doing in and around their own business models

and are working earnestly towards figuring out things that they are doing in and around their own business models


When fuel prices increase, the opposite is true, and we actually have a negative impact associated with this structural lag.

when fuel prices increase the opposite is true and we actually have a negative impact associated with this structural lag


We delivered significant margin expansion, while continuing to invest behind our Power Brands.

we delivered significant margin expansion while continuing to invest behind our power brands


Thank you, operator. But then we can close down this call, looking at the financial calendar

thank you operator but then we can close down this call looking at the financial calendar


But obviously, there have been a number of headwinds that have prevented those policies from being fully realized

but obviously there have been a number of headwinds that have prevented those policies from being fully realized


Could you help us understand the delta between what our industry relationships are telling us

could you help us understand the delta between what our industry relationships are telling us


even for the parts of the company that may not be with us going forward.


We effectively talk about 3 parts of that program. We talk about reviewing or reducing the liabilities,

we effectively talk about 3 parts of that program we talk about reviewing or reducing the liabilities


we booked a net reversal which had a positive effect on the financial results.


Occupancy costs were down as a result of continued progress in optimizing our global footprint.

occupancy costs were down as a result of continued progress in optimizing our global footprint


And then how your overall strategy with the overall Charles River business is kind of focusing on China?

and then how your overall strategy with the overall charles river business is kind of focusing on china


We're making great strides operationally, and we expect the device tax relief to identify additional areas to invest.

we're making great strides operationally and we expect the device tax relief to identify additional areas to invest


we believe we have great processes in place. We expect that our continued focus on

we believe we have great processes in place we expect that our continued focus on


The stability and growth in our occupancy is a testament to our quality real estate locations and amenity offerings.

the stability and growth in our occupancy is a testament to our quality real estate locations and amenity offerings


They are not yet moving the needle on our growth rate, but they will as they move to implementation.

they are not yet moving the needle on our growth rate but they will as they move through implementation


I will be talking from our quarterly slide deck, so please follow along. Some of my comments today will be familiar to some of you.

i will be talking from our quarterly slide deck so please follow along some of my comments today will be familiar to some of you


We have announced a restructuring program designed to create better alignment and to reduce overall costs.

we have announced a restructuring program designed to create better alignment and to reduce overall costs


So that means that the way we look at the market, Egypt

so that means that the way we look at the market egypt


and believe that there will be no additional proceedings relating to these matters brought against the company.


At Luxfer, we strongly believe that our best days are still ahead of us.

at luxfer we strongly believe that our best days are still ahead of us


being a levelized or uniformed commission structure across all products to include mutual funds and variable annuities.

being a levelized or uniform commission structure across all products to include mutual funds and variable annuities


Have you realized any seasonality in sales?

have you realized any seasonality in sales


But I believe we can talk about that, for sure in the third quarter, and possibly next quarter.

but i believe we can talk about that for sure in the third quarter and possibly next quarter


the baseline level of sales are for those? What percentage of respiratory? And then how many

the baseline level of sales are for those what percentage of respiratory and then how many